Not a Run on China, But a Brisk Walk

Wealthy Chinese are voting with their feet to move wealth abroad. That ought to send a message to investors.

The popular perception is that money is gushing into China, between its burgeoning trade surpluses and the rush to invest in the world's second-largest economy. That perception is sorely out of date.

Like most things in China, movement of capital is tightly controlled, and Beijing has sought to offset the influx of money that would naturally push up the value of its currency, the renminbi or yuan, by purchasing foreign currencies....